Summary
Chainlink is taking in charge of a huge issue in finance, the data fragmentation. Its solution includes blending AI , oracles and blockchain techs. According to them, Chainlink’s Oracle protocol will give financial institutions access to real time and standardized data and it even automates every validation making everything much faster and way more accurate. Its definitely a game changer for cutting through the messy data systems that banks have struggled with for years.
Rise of artificial intelligence has no doubt gained major traction by investors and businesses alike over the past year. AI makes every thing much easier by giving quick solutions to most daily internet surfing problems, this might be the reason why chatGPT is so mainstream right now. Its amazing search engine has made lives of millions easier and hence have uplifted the “AI” name as a whole.
Financial industry have always faced a daunting challenge named, fragmented data concerning with corporate actions such as mergers, dividends, and stock splits. These fragmentations leads to a very messy and inaccurate calculations which often lead to institutions losing $3 million to $5 million every year. In the midst of this Chainlink emerged as the savior as it has taken responsibility to solve this with an innovative solution.
Basically Chainlink plans on mixing AI, oracles and blockchain to create a single, reliable data source, or “Unified Golden Record,” for financial info. Its reportedly working with big names such as Swift, Euroclear and UBS which helps in Chainlink’s oracle to pull real world data into its blockchain systems. This really makes everything more accessible and trustworthy for banks, asset managers, and investors as a blockchain system is transparent and secure. Additionally it is also integrating popular AI models like ChatGPT, Google’s Gemini to further boost data accuracy and transparency across both private and public blockchains. This behind-the-scenes innovation could completely streamline outdated financial workflows.
Read more about : Chainlink Merges AI, Blockchain, and Oracles to Deliver Real-Time Market Data On-Chain
